What the stock market fall could mean for Michiana

SOUTH BEND, Ind. -- Despite concerns of rising unemployment rates nationwide employees at the unemployment office, Downtown South Bend said they have not yet seen much of an increase of people coming through their doors.

Fears of recession, causing a stock market sell off, was sparked by Friday’s July Jobs Report.

Michigan and Indiana both saw increases,but are sitting under the national average of 4.3%, which is a three-year high.

But Phillip Powell, a professor at Indiana University’s Kelley School of Business told ABC57 it does not point to a recession.

He also said major projects coming to the state like the EV Plant and Amazon Data Center should not be impacted because of what he is calling nothing more than emotional movement of the stock market.

"If companies have made commitments, the stock market crash, the short-term correction not really a crash is not enough to change those long-term decisions. So onward we go,” said Powell.